Adobe has announced the next version of Flash Lite for Mobile devices. Flash Lite 3, expected to be available in the first half of 2007, will bring the Adobe Flash Player video format available through Flash Player on the desktop to mobile phones. Flash Lite 3 will support the same video formats supported by Adobe Flash Player (for Windows PC) i.e. FLV format and will directly support video streams delivered by the Adobe Flash Media Server.
Currently Flash Lite for mobile devices allows you to play Flash based SWF animations.